Roku says it could lose 25 percent of its cash after Silicon Valley Bank fails
in United States history. “The Company’s deposits with SVB are largely uninsured,” Roku wrote in its filing. “At this time, the Company does not know to what extent the Company will be able to recover its cash on deposit at SVB.”
In a statement on Friday, the Federal Deposit Insurance Corporation said that it will pay “uninsured depositors an advance dividend within the next week” and that “uninsured depositors will receive a receivership certificate for the remaining amount of their uninsured funds.” But there’s still a lot of uncertainty about how long that process will take to play out, and how much of their uninsured funds companies will ultimately be able to recover.
However, Roku’s situation is, at least for now, a lot less dire than many of the smaller startups that relied on Silicon Valley Bank, some of which are now unableIn its SEC filing, the company noted that it has more than a billion dollars in cash at multiple other banks. “As stated in our 8-K, we expect that Roku’s ability to operate and meet its contractual obligations will not be impacted and we continue to have access to $1.
While Silicon Valley Bank was previously a little-known institution, it was known for its close relationships with startup founders, who made up much of its clientele. But, as
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